The Shanghai Futures Exchange aims to launch a physical crude oil contract this year that will be open to foreign investors and traded in renminbi and US dollars, marking China’s first dual-currency commodities contract.
Wang Lihua, head of the Shanghai Futures Exchange, yesterday said that the contract was “strategic” for the exchange as it sought to become an international commodities trading hub.
Although China is the world’s biggest consumer of many commodities, including copper, iron ore and thermal coal, its closed capital account and regulatory restrictions make it difficult for foreign traders to access China’s commodities futures exchanges.
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